Following an invitation from Tobacco Free Portfolios to join the Tobacco-Free Finance Pledge, the Pledge has now been officially launched with over 120 founding signatories and supporters, including financial institutions from around the world with collectively assets under management of over $6.4tr, corporate loan books of over $1.8tr, and insurance premiums of over $179bn.

Developed in collaboration with UN Environment’s Finance Initiative (UNEP FI), UN Environment’s Principles for Sustainable Insurance Initiative (PSI), the UN-supported Principles for Responsible Investment (PRI), AXA, BNP Paribas, and Natixis, the Pledge is aimed at ‘denormalising’ tobacco by ending all business and financial ties with this industry.

At the same time MSCI, the index provider, has created a suite of Ex-Tobacco Involvement Indexes. This suite of indexes will be a standard offering that will keep the cost of adoption low, reducing hurdles to removing tobacco from both passive and active portfolios.

Jean-Laurent Bonnafé, director & CEO, BNP Paribas, noted “We're committed to financing economic development that has a positive impact on society. This includes action to ensure healthy lives for present and future generations. In this respect, we consider that the Tobacco-Free Finance Pledge is a milestone initiative. Having ceased our financing and investment activities related to tobacco companies, we are proud to be one of its founding signatories.”

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